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Chief financial officers (CFOs), or
finance specialists, plan and direct an organization’s financial goals,
objectives, and budgets. Because these financial managers work extensively
with various departments in each health care facility, extensive knowledge
of a broad range of health related issues is essential. Financial
specialist usually supervise cash management activities, execute
capital-raising strategies to support a facility’s maintenance and
expansion, oversee the investment of funds and calculate the associated
risks, and deal with mergers and acquisitions. As computers and other
technologies are increasingly used to record and organize data, many
financial managers are spending more time developing strategies and
implementing the long-term goals of their organization. Interpersonal
skills are vital to chief financial officers because they usually manage a
large staff and work as part of a team in order to solve the complex
financial issues that face health care facilities. They must also have
great communications skills so that they can explain complicated financial
data to the other managers in the organization.
Work Environment:
Financial managers
usually work in an office setting with other top managers and department
heads. Some places of employment include hospitals, clinics, community
health centers, managed care organizations, nursing homes, private medical
group practices, and other health care facilities. CFOs commonly work long
hours and may be required to attend meetings of financial and economic
associations.
High School Preparation:
Students
interested in a career as a financial specialist should take high school
courses in algebra, economics, geometry, government, accounting, political
science, health occupations/medical professions education, English,
psychology, sociology, and computer skills.
College Requirements:
A bachelor’s
degree in finance, accounting, economics, or business administration is
the minimum academic preparation for financial managers and CFOs. Most
employers now seek graduates with a master’s degree, preferably in
business administration, economics, finance, or risk management.
Continuing education is vital for financial managers, who must cope with
the growing complexity of changes in Federal and State laws and
regulations and the proliferation of new and complex financial computer
programs.
For educational institutions in
Mississippi
offering this course of study click here.
Career Outlook:
Employment of
financial specialists is expected to grow 10% - 20% through 2012. Growth
within this specialty is expected to be steady and will increase along
with the growth of the health care sector as a whole. However, jobseekers
are likely to face keen competition for top management jobs, as the number
of job openings is expected to be less than the number of applicants. The
best opportunities will be for individuals with strong business and
management skills and those individuals with a graduate degree. As
hospitals become larger and more complex, financial specialists with
experience in these larger facilities will enjoy the best job security.
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Salary:
Average Annual Salary
$140,000
Salary Range
$80,000 - $200,000
Professional Organizations:
Association for Financial Professionals
7315 Wisconsin Avenue, Suite 600 West
Bethesda, MD 20814
Phone: (301) 907-2862
Fax: (301) 907-2864
Web:
www.afponline.org
Institute of Management Accountants
10 Paragon Drive
Montvale, NJ
07645-1718
Phone: (800) 638-4427
Fax: (201) 474-1600
Web:
www.imanet.org
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